Coca-Cola Co. has always been in the caffeine business, but now the soda company is getting a bigger jolt from coffee.
Coca-Cola KO, +5.90% stock reached a record high, surging 5.2% in Tuesday trading after it reported second-quarter earnings and sales that beat expectations. The company called out canned, ready-to-drink Coca-Cola Plus Coffee among the beverage standouts. Diet soda Coca-Cola Zero Sugar was another.
In particular, the company highlighted the launch of Costa Coffee ready-to-drink products in Great Britain, “marking the first major introduction since Coca-Cola acquired Costa earlier this year,” the earnings release said.